The Contract And Its Essentials

INTRODUCTION
A contract is basically an agreement between two consenting and capable parties wherein the parties intend to be binding at law setting out the promises and responsibilities of each party to the contract. The agreement can be in writing or verbal. A written contract is preferred because proof of its terms can be established by looking at its terms. Some contracts in some legal jurisdictions must be in writing and will be of no effect if not in writing. For example, in many jurisdictions, to transfer ownership of land, requires a written deed, failing which land cannot be transferred or sold to the purchaser. While oral contracts might be valid, in case of any disagreement as to the terms, there is great difficulty in establishing the terms where only the recollections and interpretations of each party are the only evidence absent any witness or written proof. In order for a contract to exist, the following essential elements must be present: Intention to create legal rel...